Summary: A bunch of big banks made some risky investments, and they sold these risky investments to other financial groups and rich people. These rich people were told “hey; if this works out, you’ll make a fortune… if not, sucks to be you.”
Well, it didn’t work out, the banks tanked and shut their doors, and they took a bunch of other industries with them. Now, the EU helped these investors, who were told up front of the risks mind you, recoup some of their money. Now, per this agreement, they want Irish taxpayers help these investors recoup their losses. This journalist had the nerve to ask “Why do the taxpayers owe your rich friends a fucking penny?”
German guy and prissy bitch did everything they could to dodge that question.
Irish law says clearly a breach of the minimum holdings of even 1% must be notified to the regulator immediately. He was finding UniCredit being routinely 19% short. When he asked an independent company to check his figures they told him the breaches were as high as 40%. This means the bank was short billions. Such a shortfall means if there was run on the bank it would not have a hope of surviving.
Sugarman was ignored and told to stop complaining. He resigned.
A month later Northern Rock collapsed when a run on the bank exhausted its cash reserves. A year later the Irish banks collapsed.
You might have thought the Irish Bank regulator would want to know what Sugarman had to say. You’d be wrong. The Irish regulator has gone out of his way to ignore him. I have been privy to all the emails and correspondence and it is a shameful and tawdry story of obfuscation, lying and threats. Meetings where he was told he could come and tell the regulator what he knew, but that if he revealed any wrong doing by the bank that occurred during the time he was there, the regulator would have to report him to the police. Despite the fact he had been the one trying to raise the alarm.
And so it is that Sugarman has been interviewded by Australian television, Belgian television, Greek television, interviewed by the major Greek newspaper Kathemarini (which is affiliated with the NY Times) which was picked up, written about and made available to an English speaking audience by the noted and respected British financial journalist Ian Fraser on his blog,
And all the while there has been nothing in Ireland.